New York City Comptroller candidate Reshma Patel urges investment in cryptocurrencies

The New York City Comptroller candidate Reshma Patel unveiled a city development plan based on investments in blockchain businesses and cryptocurrency.

Read the full platform at https://t.co/Mhc2cVIupK! https://t.co/1Mcwtw1J0g

— Reshma Patel (@ReshmaPatelNYC) April 19, 2021

“My reason for running is that I am concerned about New York’s financial health, especially after the COVID-19 pandemic,” Patel explained.

According to the Democrat’s plan, cryptocurrency and blockchain play an important role in the city’s recovery. Patel plans for five city pension systems to shift up to 3% of their reserves into digital assets.

“It is clear that cryptocurrencies have a future in finance and a future in New York’s financial planning,” the candidate said.

She also plans to invest in blockchain-focused funds and create a working group to study options for direct investments in the technology.

According to Patel, New York needs a creative approach to post-pandemic recovery. Using blockchain could provide the transparency and speed needed for interagency cooperation, she noted.

Earlier, Miami-Dade County authorities in Florida formed a working group to study the possibility of paying taxes in digital assets.

Earlier in March, the New York State Attorney General’s office called cryptocurrency investments highly risky.

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